Let your 2024 New Year’s Resolution be to avoid the IRS Dirty Dozen! Every year the IRS releases a list of the most recent tax scams and identity fraud schemes and they call them the Dirty Dozen. As we are now entering tax season, our CPAs and Accountants want to warn you to steer clear
Never Ignore an IRS Identity Verification Letter!
We have had many clients contact us regarding letters from the IRS requesting “identity verification.” Scammers often use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If a suspicious tax return is found, the IRS reviews the return
Nervous about end-of-year bonuses, overtime, and payroll taxes?
Many employers reward and recognize high performers with a bonus, especially toward the end of the year. If you award bonuses, there are several overtime and tax rules to consider. Here’s an overview to help you as you close out the business year in 2023. Bonuses and Overtime Pay Under the Federal Fair Labor Standards
Annual Tax Planning for Individuals and Business Owners
Getting an early start on tax planning instead of waiting until year-end gives you more time to meet with your TFG tax and wealth advisors and make the financial moves that can reduce your tax burden. And, the faster you file your return, the faster the IRS can process your return (and any potential refund).
2024 Federal Income Tax Brackets and Rates
It’s never too early to start planning ahead to save money on taxes. The new inflation adjustments just announced are for tax year 2024, for which taxpayers will file tax returns in early 2025. With the brackets rising, some clients may get larger paychecks after taxes in 2024 as their effective rates go down for
Partners May Separate to Different States But the Tax Burden Stays
A partnership consists of two or more individuals who form a business relationship. As with any relationship, partners expect to encounter situations along the way that cause disagreements and disputes. Usually those disputes are resolved and the partners move forward. Sometimes, a partner will decide to work remotely, or stay invested but move to another
Six Tax Saving Strategies Designed for Fall
Revisit your tax plan NOW to minimize your tax burden in the Spring of 2024 and save more of your money. These 6 ideas will help you switch from a reactive to a proactive plan when it comes to minimizing taxes. Double-check your withholding amounts. Income tax brackets and marginal tax rates usually change from
Beware Taxes on Bonuses
The IRS considers bonuses a form of wages, and as such, they’re subject to federal taxes, just like your normal pay. However, it’s not just federal tax you have to consider. You might be subject to Medicare and Social Security tax, and unemployment tax. Depending on where you live, you may also have to pay
Electric Vehicle Tax Credit For Charging Stations And Equipment Is Back!
The EV charger federal tax credit for electric vehicle charging stations and equipment that had expired is back, albeit with some changes. If you install a home EV charging station, the tax credit is 30% of the cost of hardware and installation, up to $1,000. Businesses that install new EV chargers or EV charger equipment
FAQs About QCDs For The Charitable Minded
Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? Making a Qualified Charitable Distribution (QCD) can exclude up to $100,000 annually from gross income while benefitting your favorite charity. These “charitable IRA rollovers” are gifts that would otherwise be taxable IRA distributions!
